12-06-2025
R3.5bn ghost mall looms over Pretoria East
PRETORIA - A ghostly mall looms over the leafy suburbs of Pretoria East.
The multi-million rand Villa Mall stands empty, despite being 75 percent complete.
It came after the Reserve Bank found the developer, Sharemax, had contravened the Bank's Act.
It led to the project's collapse, with allegations that the company operated as a Ponzi scheme.
And, 15 years later, the development is not growing the local economy but rather bringing down property prices.
